PACS Group (NYSE:PACS) Reaches New 1-Year High – Here’s What Happened
by Amy Steele · The Cerbat GemPACS Group, Inc. (NYSE:PACS – Get Free Report)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $49.49 and last traded at $48.4360, with a volume of 98624 shares trading hands. The stock had previously closed at $45.64.
Analysts Set New Price Targets
Several analysts recently weighed in on PACS shares. Oppenheimer lifted their price target on PACS Group from $42.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings raised PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Truist Financial increased their price objective on PACS Group from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Wall Street Zen upgraded PACS Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 15th. Finally, Zacks Research downgraded PACS Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 14th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.60.
Check Out Our Latest Research Report on PACS
PACS Group Stock Up 5.6%
The firm’s 50-day moving average price is $41.32 and its 200 day moving average price is $37.71. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of 28.01, a PEG ratio of 1.34 and a beta of -0.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.27.
PACS Group (NYSE:PACS – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.09. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. PACS Group had a net margin of 4.85% and a return on equity of 30.77%. On average, sell-side analysts forecast that PACS Group, Inc. will post 2.23 EPS for the current fiscal year.
Insiders Place Their Bets
In other PACS Group news, Director Mark Hancock sold 4,966 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $45.06, for a total value of $223,767.96. Following the sale, the director owned 53,920,512 shares of the company’s stock, valued at approximately $2,429,658,270.72. This trade represents a 0.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Renee Lewis sold 4,137 shares of PACS Group stock in a transaction on Monday, July 6th. The shares were sold at an average price of $45.04, for a total value of $186,330.48. Following the completion of the transaction, the chief accounting officer owned 355,338 shares in the company, valued at approximately $16,004,423.52. The trade was a 1.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 796,524 shares of company stock worth $31,611,396. Company insiders own 70.10% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of PACS. Vanguard Group Inc. boosted its holdings in shares of PACS Group by 14.4% during the 4th quarter. Vanguard Group Inc. now owns 4,506,227 shares of the company’s stock valued at $172,994,000 after acquiring an additional 566,502 shares in the last quarter. Maven Securities LTD bought a new stake in PACS Group during the 4th quarter worth $960,000. Corient Private Wealth LLC grew its position in PACS Group by 29.7% during the 4th quarter. Corient Private Wealth LLC now owns 170,052 shares of the company’s stock worth $6,528,000 after acquiring an additional 38,956 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in PACS Group in the 1st quarter worth about $6,762,000. Finally, Principal Financial Group Inc. acquired a new position in PACS Group in the 1st quarter worth about $3,171,000.
PACS Group Company Profile
PACS Group, Inc, through its subsidiaries, operates skilled nursing facilities and assisted living facilities in the United States. The company also provides senior care and independent facilities. It engages in the acquisition, ownership, and leasing of health care-related properties. The company was founded in 2013 and is based in Farmington, Utah.